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2. In the Chart of Accounts area, what does the heading "Quickbooks Balance refer to? 3. Why is it necessary to have a separate account name set up for each company bank account (assuming there is more than one company bank account)? 4. Which icon is initially used to enter a journal entry in Quickbooks? 5. When you are setting up Quickbooks to record the inventory products that your company will sell, which menu headings do you choose to initiate the product set-up screen? 7. When setting up a purchase of inventory, is the asset account "inventory" value increased or debited? Is a journal entry automatically triggered during the purchase order entry? Briefly state why or why not. 8. When the inventory arrives, we set up a bill ("create bill") on Quickbooks. We add PO #1001 to the bill to show that we owe our supplier $207. Once we have entered the "terms" and "bill date" what amount or item automatically changes/updates? 12. What is meant by a P&L Report"? (That is, whatdoes this abbreviation stand for?) 13. What accounted for the net loss during the period, in this Quickbooks example? 2. In the Chart of Accounts area, what does the heading "Quickbooks Balance refer to? 3. Why is it necessary to have a separate account name set up for each company bank account (assuming there is more than one company bank account)? 4. Which icon is initially used to enter a journal entry in Quickbooks? 5. When you are setting up Quickbooks to record the inventory products that your company will sell, which menu headings do you choose to initiate the product set-up screen? 7. When setting up a purchase of inventory, is the asset account "inventory" value increased or debited? Is a journal entry automatically triggered during the purchase order entry? Briefly state why or why not. 8. When the inventory arrives, we set up a bill ("create bill") on Quickbooks. We add PO #1001 to the bill to show that we owe our supplier $207. Once we have entered the "terms" and "bill date" what amount or item automatically changes/updates? 12. What is meant by a P&L Report"? (That is, whatdoes this abbreviation stand for?) 13. What accounted for the net loss during the period, in this Quickbooks example